Accepting Crypto Payments: All You Need to Know

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Last Updated: December 7, 2022

Accepting Crypto Payments: All You Need to Know

Blockchain technology brought a new perspective of how we perceive and share value. With more and more people exploring cryptocurrency as a value unit, businesses respond with various utilities to bring the crypto mass adoption closer. The payments industry is one of the examples.

What is a crypto payments gateway?

A crypto payments gateway is a technical solution allowing businesses to securely accept payments in cryptocurrency from their customers. It provides a secure connection for the transfer of sensitive financial information between the customer and the merchant.

Benefits of accepting cryptocurrency payments

Businesses, especially e-commerce, can benefit from using a crypto payment gateway in a number of ways:

  • Increased sales. By offering cryptocurrency as a payment option, businesses can expand their customer base and increase sales. Many consumers prefer to use cryptocurrency for online purchases due to its convenience, privacy and security, and by offering this option, businesses can attract these customers and boost their sales.
  • Increased customer satisfaction. Crypto payments gateway provides a convenient, private and secure way for customers to make online purchases using their preferred form of currency. This can improve customer satisfaction and help to build trust with consumers, leading to repeat business and positive reviews.
  • Improved security. Crypto payments gateway provides an added layer of security to protect both the business and the customer from potential fraud. They use secure encryption technology to protect sensitive financial information, and can help to prevent fraudulent transactions and protect against hacking.
  • Reduced transaction fees. Traditional payment gateways often charge high transaction fees, which usually have a negative impact on business margins. In contrast, crypto payment gateways typically charge lower fees, allowing businesses to save money on each transaction and improve their bottom line.
  • Global reach. Crypto payments gateway allows e-commerce businesses to easily accept payments from customers around the world, without having to worry about exchange rates or other limitations. This can help businesses to expand into new markets and increase their global reach.

Using a crypto payment gateway can be a valuable tool for businesses that want to expand their customer base and geography, increase sales, improve security, and reduce transaction fees. It can help businesses to stay competitive in the digital marketplace and provide a better experience for their customers.

Benefits for the customers

As long as there are customers willing to pay for their purchases in crypto, it’s worth trying to please them. The sooner the e-commerce business understands how to respond to their crypto customers needs, the better their competitive positioning is.

There are several reasons why customers prefer crypto payments:

  • Convenience. Crypto payments gateway offers a solution to crypto-first customers. Expanded currency options allow consumers to easily and securely transfer funds from their digital wallet to the merchant's wallet, without having to worry about the security of their financial information.
  • Security and privacy. Crypto payments gateway uses a secure encryption technology to protect sensitive financial information and prevent fraudulent transactions.
  • Flexibility. Wider range of choice provides more flexibility for the customer, as opposed to traditional payment methods only, when typically only a limited number of currencies is allowed.
  • Lower transaction fees. Traditional payment gateways often charge high transaction fees, which can add up over time. In contrast, transactions via crypto payments gateway typically cost less, allowing consumers to save money on each transaction and get more value for their money.

Using a crypto payment gateway can provide a number of benefits for consumers, including convenience, security and privacy, flexibility, and lower transaction fees. It can make online shopping more convenient and secure, and help consumers to save money on their purchases.

How to start accepting crypto payments?

To start accepting cryptocurrency via a payments gateway, there are some things you have to take care of:

  1. Make sure you have a customer-friendly website with an e-commerce platform or a shopping cart system.
  2. Choose a cryptocurrency payments gateway provider. Find a reputable provider that offers the services and features that your business needs. Research different providers and compare their fees, security measures, and customer support to find the right one.
  3. A digital wallet. In order to receive payments in cryptocurrency, your business will need a digital wallet to store the funds. Leading crypto payments gateway providers, like Bitlocus, will offer a digital wallet as part of their service. However, it’s up to you to decide if you would prefer a third-party wallet provider.
  4. Choose cryptocurrencies you will accept. Most crypto payment gateways support multiple cryptocurrencies, so you can choose the one that is most popular with your customers or the one that offers the best value for your business.

Starting to accept cryptocurrency via a payment gateway requires some preparation and planning. By choosing the right provider, setting up a digital wallet, selecting a cryptocurrency, and optimizing the website, your business can start accepting crypto payments and begin to enjoy the benefits of this innovative payment method.

Is paying in crypto difficult for the customers?

To use a crypto payment gateway, the customer must have a digital wallet with the appropriate cryptocurrency (such as Bitcoin or Ethereum) and enter their payment details on the merchant's website. The payment gateway then processes the transaction and sends a request to the customer's wallet to verify the payment. If the payment is approved, the cryptocurrency is transferred from the customer's wallet to the merchant's wallet, and the transaction is complete. It is as simple as that.

Risks related to crypto payments

As with any financial service, there are some risks to using a crypto payment gateway. Cryptocurrency is not regulated by any government or financial institution, which means that its value can fluctuate wildly. This risk can be easily mitigated by instant crypto exchange to your preferred fiat.

Additionally, the decentralized nature of cryptocurrency means that it is not backed by any physical assets, which could make it a target for fraud or hacking. However, most reputable crypto payment gateways take steps to mitigate these risks, such as using secure encryption technology and offering customer support to help users protect their funds.

How to choose the right crypto payments gateway for your business?

When choosing a crypto payment gateway for your business, there are a few key factors to consider. Here are some tips to help you make the right choice:

  1. Security. The security of your customers' financial information should be a top priority. Look for a crypto payments gateway that uses secure encryption technology and has a proven track record of protecting against fraud and hacking.
  2. Reputation. It's important to choose a crypto payments gateway provider with a good reputation in the industry. Read reviews and do your research to find a partner that has a track record of providing reliable and trustworthy services.
  3. Fees. Transaction fees can eat into your profits, so it's important to choose a crypto payment gateway with reasonable fees. Compare fees for the same features from different providers to find the one that offers the best value for your business.
  4. Customer support. When choosing a crypto payments gateway, look for one that offers excellent customer support. This can be helpful if you have any questions or issues with your account.
  5. Compatibility. Make sure that the crypto payments gateway you choose is compatible with your used e-commerce technology and business needs in general. For example, if you want to accept multiple cryptocurrencies, look for a provider that offers this option.

Choosing the right crypto payment gateway for your business requires careful consideration and research. By keeping these tips in mind, you can find a provider that offers the security, reputation, fees, customer support, and compatibility that your business needs to succeed.

Bitlocus crypto payments gateway

Crypto payments gateway is a valuable tool for businesses that want to offer cryptocurrency payment options to their customers. It not only helps to increase sales and customer satisfaction, but also provides an added layer of security to protect both the business and the customer from potential fraud. So it’s definitely worth giving the crypto payments gateway a shot.

Enjoy the benefits of crypto payments gateway from Bitlocus. We promise you:

  • No technical hassle, as we will provide a crypto wallet and lead you through the set-up process; 
  • No transaction costs for accepting payments in crypto; 
  • Minimized volatility due to immediate crypto exchange to EUR or other fiat you choose;
  • Crypto payments gateway up and running in 2 days after onboarding.

Boost your business with Bitlocus crypto payments gateway now by filling in this inquiry form.